Case Study Of HN Newspaper Group Issuing Medium-term Bill Financing

The medium-term note is a tool of direct financing in the form of credit in the bond market.It has been used by enterprises in the market for more than 30 years.China's bond market first launched this financing instrument in 2008 and successfully issued eight medium-term notes,which aroused wide response in the market.With the deepening of the understanding of issuers and investors,the medium-term notes play an increasingly important role and position in the market,and have become one of the important channels of debt financing for most enterprises in China.In addition,compared with same period of other kinds of financing products,we can find that the performance of the medium-term notes on the secondary market is also very active,especially the issuers of the medium-term notes with good reputation,with its high liquidity,more accurate pricing,comply with regulatory requirements and other characteristics,was warmly welcomed by the trade and monetary investment institutions.However,the medium-term notes are not fully utilized in H province,the total amount of issuance is small,and the market quotation is slightly poor.According to statistics,the total amount of credit bonds issued by state-owned cultural enterprises in China is only 69,with an amount of 39.2 billion yuan.However,the total amount of credit bonds issued by state-owned cultural enterprises in H province is only 4,accounting for only 5.76% of the national total.The issuance amount was 1.3 billion yuan,accounting for only 3.32% of the nationwide issuance amount.Moreover,the development of state-owned cultural enterprises in H province lags behind.In addition to insufficient capital accumulation and monotonous industrial structure,the biggest problem is the limitation of financing approaches and financing scale.The difficulty of light asset financing has always been the bottleneck restricting cultural enterprises to become bigger and stronger.The research motivation of this paper is to study the successful issue of medium-term note by HN newspaper group,draw on its experience,and provide the specific operation method of medium-term note financing for other high-quality state-owned cultural enterprises in H province.According to this idea,this paper will be divided into five chapters.The first chapter will introduce the research background,significance,and the research ideas and methods.The second chapter introduces the theoretical support of medium-term note financing for the development of enterprises,and introduces the characteristics and advantages of medium-term note.The third chapter summarizes the selected cases,introduces the basic situation of HN newspaper group,the case background,and the process and results of issuing medium-term notes.Chapter four analyzes the motivation and financial data of the issuance of medium-term notes by HN press group,summarizes the experience of the issuance of medium-term notes by HN press group,and summarizes some enlightenment of the successful issuance of medium-term notes.The last chapter is the summary and prospect of the research.Through research,this paper believes that the issuance of medium-term notes is a successful attempt to raise funds by cultural media enterprises in combination with their own industry characteristics and attributes,which will provide impetus for the digital transformation and development of cultural media enterprises.